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Fixing Economic Inequality Is a Global Economic Issue | The Wealth Gap

  • Fixing Economic Inequality Is a Global Economic Issue | The Wealth Gap Fixing Economic Inequality Is a Global Economic Issue | The Wealth Gap 33:38
12:09 p.m. May 6, 2021 - By Mark Decambre
Dow jumps over 300 points to log 23rd record close in 2021 and S&P 500 ends back above 4,200 amid late-session surgeU.S. stocks on Thursday finished a tumultous day firmly in positive territory and the Dow registered back-to-back record closes, supported by a round of strong corporate earnings and signs of continued improvement in the labor market as reflected in the jobless claims report ahead of a closely followed employment report due on Friday. The Dow Jones Industrial Average closed up by about 315 points, or 0.9%, to a record at 34,546, powered by gains in Goldman Sachs Group Inc. and Home Depot . The all-time closing high was the 23rd for the blue-chip index in 2021, outstripping all of the records produced in 2020, according to Dow Jones Market Data. The S&P 500 index closed up 0.8% at 4,200, while the Nasdaq Composite Index ended 0.4% higher at 13,633, snapping a four-session skid. A 1.4% rally in financials and a 1% rally in the technology sector helped to support Thursday's advance, which came as initial unemployment claims in the U.S. fell to 498,000 for first time in pandemic era, pointing to an improving labor market but also raising questions for some investors about the specter of rapidly rising inflation.
4:19 a.m. April 29, 2021 - By Ciara Linnane
Imax loss narrows as Asian audiences return to cinema in 'impressive numbers'Imax Corp. said it had a loss of $14.8 million, or 25 cents a share, in the first quarter, narrower than the loss of $49.4 million, or 82 cents a share, posted in the year-earlier period, as cinemagoers in Asia returned to screens as coronavirus pandemic restrictions were lifted. The company said its adjusted per-share loss was also 25 cents, a penny better than the 26 cents loss consensus of FactSet analysts. Revenue rose 11% to $38.8 million from $34.9 million a year ago, a squeak below the $39.0 million FactSet consensus. "Audiences across Asia continue to rediscover the theatrical experience in impressive numbers, driving record-breaking box office and accelerating the continued shift to blockbusters at the multiplex," Chief Executive Richard L. Gelfond said in a statement. "As Hollywood tentpoles return to theaters, the recovery is spreading to North America and key additional markets including Russia, and Saudi Arabia with the summer season ahead." Imax delivered global box office of $110 million for the quarter, its first quarterly growth since the start of the coronavirus pandemic. The company enjoyed a record-breaking Chinese New Year opening weekend, with number-one and number-two highest grossing Japanese local language releases of all time. It also enjoyed its strongest North American opening of the pandemic period with "Godzilla vs. Kong," which also performed well in Mexico, Russia, Spain, and Saudi Arabia. Imax ended the quarter with $267.8 million in cash and total debt of $283 million. Shares were down 0.8% premarket but have gained 23% in the year to date, while the S&P 500 has gained 11.4%.
10:35 a.m. April 20, 2021 - By Tomi Kilgore
Infobird's stock takes flight on its public debut, to trade more than double the IPO priceInfobird Co. Ltd. flew out of the gate Tuesday, as the China-based provider of artificial intelligence-powered customer engagement software's shares were trading more than double the initial public offering price. The stock was the biggest gainer trading on major U.S. exchanges. The company said late Monday that it sold 6.25 million shares in the IPO, which priced at $4 a share, to raise $25 million. At the pricing, the company was valued at $101.0 million. Westpark Capital and GF Securities were the underwriters. Infobird's first trade Tuesday on the Nasdaq was at $7.00 at 2:05 p.m. Eastern for 472,040 shares, or 75% above the IPO price. It has continued to rise since the open, and was recently up 113.8% at $8.55. The company reported net earnings of $1.6 million on revenue of $6.2 million for the six months ended June 2020, after net income of $2.0 million on revenue of $9.4 million in the same period of 2019. The company went public on a day that the Renaissance IPO ETF fell 2.5% and the S&P 500 declined 0.9%.
7:39 a.m. April 20, 2021 - By Andrea Riquier
Indian ETFs fall as COVID-19 cases top 15 million, Modi set to address nationExchange-traded funds exposed to Indian assets slumped Tuesday, extending their declines, as the country succumbed to a surge in coronavirus cases and Prime Minister Narendra Modi said he would address the nation tonight. The Invesco India ETF was down 2.5% midday and 7.5% for the month, and the WisdomTree India Earnings Fund lost 1.7%, and is down 6.9% for the month. The largest India fund, the iShares MSCI India ETF also lost 1.7%.
2:19 a.m. April 13, 2021 - By Tomi Kilgore
Grab to go public in a SPAC merger valuing company at nearly $40 billionSingapore-based Grab Holdings Inc. announced Tuesday a deal to go public through a merger with special purpose acquisition company Altimeter Growth Corp. in a deal that values Grab at $39.6 billion. Shares of Altimeter Growth surged 7.2% in premarket trading. The deal will provide Grab, the ride-hailing, delivery and financial services company, with proceeds of $4.5 billion in cash, and is expected to be the largest-ever U.S. equity offering by a company in Southeast Asia. After the deal closes, which is expected to occur in the coming months, the combined company is expected to list on the Nasdaq under the ticker symbol "GRAB." In 2020, Grab recorded gross merchandise value of $12.5 billion to surpass pre-pandemic levels. "Our diversified superapp strategy helped our driver-partners pivot to deliveries, and enabled us to deliver growth while improving profitability," said Grab co-Founder Anthony Tan. Altimeter's stock, which went public on Dec. 1, 2020, has rallied 8.5% year to date, while the S&P 500 has gained 9.9%.
11:12 a.m. April 12, 2021 - By Tomi Kilgore
Alibaba's stock rallies toward biggest gain in nearly 4 years as antitrust fine removes overhangShares of Alibaba Group Holding Ltd. shot up 9.1% in afternoon trading Monday, putting them on track for the biggest one-day gain in four years, as investors expressed relief following . The China-based ecommerce giant's Chief Executive Daniel Yong Zhang said in a conference call after the fine, "we don't expect material negative impact" following changes to comply with the regulator's orders. The company said it will not appeal the decision. "Positively, Alibaba does not expect further investigations on this matter, and we believe the removal of this overhang could be a positive for the shares," Raymond James analyst Aaron Kessler wrote in a note to clients. Kessler trimmed his stock price target to $330 from $350, to reflect increased investments in grocery and local deals categories as China-based ecommerce giant looks to expand in lower-tier cities, but reiterated his strong buy rating. Truist's Youssef Squali reiterated his buy rating and $330 stock price target, saying the long-term prospects of Alibaba remain "highly attractive." The stock, which is headed for the biggest one-day gain since it rose 13.3% on June 8, 2017, has advanced 8.0% over the past three months, while the iShares MSCI China ETF has slipped 3.9% and the S&P 500 has gained 8.4%.
10:20 a.m. April 7, 2021 - By Tomi Kilgore
UTime stock more than doubles, and is now 2,175% above its IPO priceShares of UTime Ltd. soared 133.3% in very volatile afternoon trading Wednesday, enough to pace all gainers on major U.S. exchanges, in the China-based mobile phone maker's second day of trading on the Nasdaq. On Tuesday, the stock closed at $39, or 875% above its $4 initial public offering price, which was at the low end of the expected range of between $4 and $5 a share. The company sold 3.75 million shares in the IPO to raise $15 million. With the stock now trading nearly 23 times the IPO price, the company's current market value was $752.4 million, up from $33.1 million at the IPO price. The stock has been halted nine times for volatility so far on Wednesday, after being halted 14 times for volatility on Tuesday. The company recorded a net loss of RMB21.7 million ($3.1 million) on revenue of RMB193.1 million ($27.3 million) in 2020, after a loss of RMB11.9 million on revenue of RMB238.1 million in 2019. The company went public at a time that the Renaissance IPO ETF has lost 4.7% over the past three months, while the iShares MSCI China ETF has slipped 1.4% and the S&P 500 has gained 7.3%.
8:03 a.m. March 31, 2021 - By Michael Ashbaugh
Charting a stealth breakout attempt, S&P 500 tags fractional record high Focus: 10-year yield asserts higher plateau, FedEx extends earnings-fueled breakout, TNX, FDX, X, APD, VCELU.S. stocks are higher early Wednesday, rising as a largely-bullish first quarter concludes. Against this backdrop, the S&P 500 has tagged a fractional record high early Wednesday amid a stealth late-March breakout attempt that remains underway.
10:14 a.m. March 19, 2021 - By Tomi Kilgore
Zhihu sets IPO terms, as the Hong Kong-based online community looks to raise up to $633 millionZhihu Inc. has set terms of its initial public offering in the U.S., as the Hong Kong-based Q&A-inspired online content community looks to raise up to $632.5 million. The company is offering 55 million American depositary shares, representing 27.5 million ordinary shares, in the IPO, which is expected to price between $9.50 and $11.50 a share. With 279.5 million ordinary shares expected to be outstanding after the IPO, the company could be valued at up to about $6.4 billion. The stock is expected to list on the NYSE under the ticker symbol "ZH." Credit Suisse, Goldman Sachs and J.P. Morgan are the lead underwriters. The company had 76 million monthly average users in the fourth quarter and 676 million average monthly interactions. The company recorded a net loss of RMB517.6 million ($79.3 million) on revneue of RMB1.35 billion ($207.2 million) in 2020, after a loss of RMB1.00 billion on revenue of RMB670.5 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has slipped 1.1% year to date, while the iShares MSCI China ETF has gained 4.8% and the S&P 500 has tacked on 4.4%.
3:03 a.m. March 17, 2021 - By Tomi Kilgore
Pinduoduo revenue more than doubles to beat expectations, makes push into groceries, but stock fallsShares of Pinduoduo Inc. fell 3.7% in premarket trading Wednesday, even after the China-based mobile marketplace reported a fourth-quarter loss that narrowed more than expected, as revenue more than doubled to beat forecasts. The net loss narrowed to RMB1.38 billion ($210.9 mln), or RMB1.13 per American depositary share, from RMB1.75 billion, or RMB1.52 a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss was RMB0.15, beating the FactSet loss consensus of RMB0.29. Revenue jumped 146% to RMB26.55 billion ($4.07 billion), well above the FactSet consensus of RMB19.19 billion, with increase primarily a result of growth in online marketing services and a contribution from merchandise sales. Average active monthly users rose 50% to 719.9 million, while active buyers increased 35% to 788.4 million and annual spending per active buyer grew 23% to RMB2,115.2 ($324.2). The company had started with agricultural products, to become the largest agriculture platform in China, "and we hope that Pinduoduo can one day become the largest grocer in the world," said Chief Executive Lei Chen. The stock has gained 7.3% over the past three months through Tuesday, while the iShares MSCI China ETF has tacked on 5.6% and the S&P 500 has advanced 6.5%.
10:53 a.m. March 12, 2021 - By Tomi Kilgore
Tuya sets IPO terms, to be valued at up to $11 billionChina-based Tuya Inc. has set terms of its initial public offering, in which the China-based company, which says its mission is to build an internet-of-thing (IoT) developer ecosystem and enable everything to be "smart," could be valued at up to $11.2 billion. Tuya is offering 43.59 million American depositary shares in the IPO, which is expected to price between $17 and $20 a share, to raise up to $871.8 million. Each ADS represents one Class A ordinary shares. The company expects to have 417.36 million ordinary shares outstanding after the IPO, and 142.4 million Class B shares. The stock is expected to list on the NYSE under the ticker symbol "TUYA." The lead underwriters are Morgan Stanley, BofA Securities and CICC. Tuya recorded a net loss of $66.9 million on revenue of $179.9 million in 2020, after a loss of $73.9 million on revenue of $105.8 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has slipped 0.6% over the past three months, while the iShares MSCI China ETF has gained 6.0% and the S&P 500 has advanced 7.5%.
2:27 a.m. March 12, 2021 - By Tomi Kilgore
XPeng stock falls even as losses narrow and revenue rises, amid broader weakness in EV stocksShares of XPeng Inc. fell 4.6% in premarket trading Friday, after the China-based electric vehicle maker reported a fourth-quarter loss that was much narrower than a year ago, as vehicle deliveries jumped fourfold, but was wider than some analysts had expected. The net loss was RMB1.35 billion ($207.4 million), or RMB1.05 (16 cents) a share, after a loss of RMB1.36 billion, or 7.75 a share, in the year ago period. The average estimate of two analysts surveyed by FactSet was a per-share loss of RMB0.72, with a range of per-share losses of RMB1.00 to RMB0.44. Total revenue rose 345.5% to RMB2.85 billion ($437.0 million), while the average of two estimates surveyed by FactSet was RMB2.71 billion. Deliveries climbed 302.9% to 12,964 vehicles. Gross margin improved to 7.4% from from negative 6.6% a year ago. The decline XPeng shares post-earnings comes amid a selloff in other EV makers, with shares of Tesla Inc. down 4.2%, Nio Inc. down 4.4% and Li Auto Inc. falling 5.1%. Futures for the S&P 500 were down 0.5%.
5:32 a.m. March 8, 2021 - By Mark DeCambre
Dow opens higher but tech stocks come under pressure Monday as investors wrestle with rise in Treasury yieldsStock-index benchmarks were trading mostly higher Monday morning, with tech-related shares under pressure as government bond yields extended their climb following Senate passage of a $1.9 trillion COVID-19 relief package. The Dow Jones Industrial Average [: DJIA] was trading up 121 points, or 0.4%, at 31,606, the S&P 500 index climbed 0.1% at 3,842, while the Nasdaq Composite Index was off 0.2% at 12,899. Expectations that aggressive fiscal spending coupled with a rapidly reopening economy as vaccine rollouts continue have fueled expectations for at least a near-term surge in inflation. That, in turn, has contributed to a rise in bond yields which has helped fuel a rotation away from growth-oriented stocks with high valuations toward stocks that have been left behind in the stock market's post-COVID recovery. In corporate news, shares of AMC Entertainment Holdings Inc. surged as the "meme" stock's bounce from last month's plunge continued, after Wedbush analyst Michael Pachter doubled his price target ahead of the company's earnings report, citing an increasing optimism over the post-pandemic environment. Pachter raised his target for the stock to $5.00 from $2.50, but that target was 38% below Friday's closing price of $8.05. Shares of AMC and GameStop Corp. have been a focus of retail investors and short sellers of late. GameStop tapped Chewy co-founder Ryan Cohen to lead its e-commerce shift, according to reports.
2:21 a.m. March 8, 2021 - By Tomi Kilgore
XPeng stock falls toward 4-month low after wider-than-expected loss, while revenue rises fourfoldShares of XPeng Inc. slumped 3.3% toward a fifth-straight loss and four-month low in premarket trading Monday, after the China-based electric vehicle maker reported a wider-than-expected fourth-quarter loss although revenue beat forecasts, as deliveries increased fourfold. The net loss narrowed to RMB787.4 million ($120.7 million), or RMB1.05 a share, from RMB1.35 billion in the same period a year ago. Excluding nonrecurring items, the adjusted loss per share was RMB95 cents, compared with the FactSet loss consensus of RMB92 cents. Total revenue rose 345.5% to RMB2.85 billion ($437.0 million), beating the FactSet consensus of RMB2.71 billion, as deliveries jumped 302.9% to 12,964 vehicles. For the first quarter, the company said it expects total revenue to rise 531% from a year ago to RMB2.6 billion and deliveries to increase 450% to about 12,500 vehicles. There is currently no FactSet consensus for first-quarter revenue. The stock, which has tumbled 21.0% the past four days, closed Friday at the lowest price since Nov. 4. It has dropped 42.4% over the past three months, shares of China-based rival Nio Inc. has lost 18.2% and the S&P 500 has gained 3.8%.
4:34 a.m. March 2, 2021 - By Tomi Kilgore
XPeng, Li Auto stocks fall after February deliveries data, in wake of Nio's mixed resultsShares of XPeng Inc. slumped 4.5% and Li Auto Inc. slid 2.4% in premarket trading Tuesday, after the China-based electric vehicle makers reported overnight February deliveries data. The stock selloffs come after rival Nio Inc. reported late Monday , sending the stock down 5.4% ahead of the open. XPeng said it delivered 2,223 EVs in February, and said cumulative January and February deliveries rose 577% from year-ago levels. Li Auto said it delivered 2,300 Li ONE EVs in February, up 755% from a year ago. Both companies said February results were affected by the Chinese New Year holiday, and Li Auto said some COVID-19 outbreaks in northern China also impacted results. XPeng said it is witnessing "robust customer demand" as sales and deliveries resumed after the holiday, while Li Auto said it was confident of its growth momentum given the expansion of its direct sales and servicing network and the control of the pandemic in China. Over the past three months, shares of XPeng have tumbled 36.6% and Li Auto have dropped 25.6% through Monday while Nio shares have gained 3.7% and the S&P 500 has tacked on 6.4%.
8:09 a.m. March 1, 2021 - By Michael Ashbaugh
Charting successful technical tests: S&P 500, Nasdaq knife from major support Focus: Gold’s technical breakdown, Starbucks tags record highs, GLD, SBUX, MXL, OII, GRPNU.S. stocks are firmly higher early Monday, rising after a strong batch of economic data and amid stabilizing Treasury yields. Against this backdrop, the S&P 500 and Nasdaq Composite have knifed from major support amid an unusually strong March start.
8:00 a.m. Feb. 18, 2021 - By Michael Ashbaugh
Charting a bull-trend pullback, S&P 500 tags first support Focus: Airlines tag 11-month highs, JETS, SPOT, TXN, CVX, ZNGAU.S. stocks are lower early Thursday, pressured after disappointing weekly jobs data and a soft batch of quarterly earnings reports. Against this backdrop, the S&P 500 has extended a downturn from recent record highs, pulling in to tag first support (3,885).
12:06 p.m. Feb. 12, 2021 - By Mark DeCambre
Stock market clinches trifecta of record closing highs ahead of Presidents Day holidayMajor U.S. stock indexes on Friday finished on a higher note, notching a series of record highs on the back of optimism about a fresh round of COVID spending, strong corporate earnings and progress in rollowuts of vaccines to combat the viral pandemic. The Dow Jones Industrial Average closed up less than 0.1% to end at around 31,458, enough for a record peak for the blue-chip index, aided by gains in Goldman Sachs Group Inc. and Amgen Inc. . The S&P 500 index closed up 0.5% to reach about 3,935, while the Nasdaq Composite Index ended the day up 0.5% at an all-time closing high at roughly 14,095. For the week, the Dow finished up 1%, the S&P 500 closed with a 1.2% gain, while the Nasdaq Composite booked a 1.7% weekly advance. U.S. markets will be closed on Monday in observance of Presidents Day.
8:03 a.m. Feb. 11, 2021 - By Michael Ashbaugh
Charting a bullish holding pattern: U.S. benchmarks sustain February breakout Focus: Oil & Gas Exploration ETF sustains breakout, Nvidia reaches uncharted territory, XOP, NVDA, VEEV, SAIL, HPU.S. stocks are mixed early Thursday, vacillating after the latest batch of generally solid quarterly earnings reports. Against this backdrop, each big three U.S. benchmark has asserted a week-to-date holding pattern, of sorts, consolidating an early-week break to record territory.
8:18 a.m. Feb. 10, 2021 - By Michael Ashbaugh
Bull trend pauses: S&P 500, Nasdaq digest breaks to uncharted territory Focus: Industrial sector’s breakout attempt, Zoom Video and McDonald’s signal trend shifts, XLI, XM, MCD, SWKS, HOLXU.S. stocks are mixed early Wednesday, treading water after a generally strong batch of quarterly earnings reports and ahead of scheduled remarks by the Federal Reserve Chairman. Against this backdrop, each big three U.S. benchmark is digesting its latest break to record territory amid thus far muted mid-week selling pressure.
6:28 a.m. Feb. 10, 2021 - By Tomi Kilgore
Pacific Biosciences stock rockets ahead of earnings, after Softbank makes $900 million investmentShares of Pacific Biosciences of California Inc. shot up 22.3% toward a record in morning trading Wednesday, ahead of the genetic analysis company's fourth-quarter report due out after the closing bell, after the announcement that Japan-based Softbank Group Corp. invested $900 million in the company. The stock has now soared 230.0% over the past three months and skyrocketed 1,051.7% over the past year. In comparison, the iShares Nasdaq Biotechnology ETF has advanced 39.7% over the past 12 months and the S&P 500 has gained 16.5%. The company said Softbank's investment was in the form of convertible senior notes, which will mature in February 2028, and will have an initial conversion price of $43.50, or 10% above Tuesday's closing price of $39.54. "We believe that PacBio's HiFi sequencing will be the de facto standard tool for population genomics fundamentally altering the practice of healthcare," said Akshay Naheta, chief executive of Softbank's SB Management. Separately, Pacific Biosciences is expected to report later fourth-quarter earnings 43 cents a share on revenue of $24.05 million, after breaking even on a per-share basis on revenue of $27.93 million, in the same period a year ago.
8:08 a.m. Feb. 4, 2021 - By Michael Ashbaugh
Charting bullish follow-through: S&P 500, Nasdaq challenge record closes Focus: Crude oil extends February breakout, Alphabet’s earnings-fueled spike, USO, GOOGL, APPN, GOGO, FANGU.S. stocks are higher early Wednesday, rising as the major benchmarks build on a strong February start. In the process, the S&P 500 and Nasdaq Composite have challenged their respective record closes — S&P 3,855 and Nasdaq 13,636 — as they vie to register their latest records. Both benchmarks have extended a bullish reversal from relatively well-defined support.
8:06 a.m. Feb. 3, 2021 - By Michael Ashbaugh
Charting a bullish reversal, S&P 500 nails the breakdown point Focus: Retail sector asserts cooling-off phase, Homebuilders hold the breakout point, XRT, XHB, CYBR, KMX, SWIR, WIXU.S. stocks are mixed early Wednesday, treading water after a solid batch of quarterly earnings reports and economic data. Against this backdrop, the S&P 500 has extended its rally from major support, rising to challenge its breakdown point (3,830).
2:45 a.m. Feb. 2, 2021 - By Tomi Kilgore
Li Auto January deliveries rise more than 350%, but stock fallsShares of Li Auto Inc. fell 3.2% in premarket trading Tuesday, in the wake of the China-based electric vehicle maker's announcement overnight that January deliveries grew more than four-fold from a year ago. Li's report comes a day after , in which Nio Inc.'s jumped 352% and Xpeng Inc.'s hiked up 470%. Li's deliveries rose 356% to 5,379 Li ONE SUVs. Separately, the company said it established a new research and development center in Shanghai, aimed a developing EV technologies, such as high-voltage platforms, ultra-fast charging technologies and autonomous driving technologies. Li's stock has rallied 40.0% over the past three months through Monday, while Nio shares have climbed 71.0%, XPeng's stock has soared 138% and the S&P 500 has gained 14.0%.
3:21 a.m. Feb. 1, 2021 - By Tomi Kilgore
EPeng's stock jumps after near six-fold increase in January deliveriesShares of XPeng Inc. hiked up 4.6% in premarket trading Monday, after the China-based electric vehicle maker reported a near six-fold increase in January deliveries. The company said overnight that it delivered 6,015 vehicles in January, up 470% from the same period a year ago, and to mark the third straight month of record deliveries. The deliveries included 3,710 P7 smart sports sedans and 2,305 G3 smart compact SUVs. XPeng's report comes as fellow China-based EV maker Nio Inc. reported to 7,225 vehicles. Xpeng's stock has soared 148.6% over the past three months through Friday, while Nio shares have run up 86.4% and the S&P 500 has gained 13.6%.
8:11 a.m. Jan. 29, 2021 - By Michael Ashbaugh
Charting a corrective bounce: S&P 500 stalls at the breakdown point Focus: Semiconductor sector tests key trendline, Microsoft sustains earnings-fueled breakout, SMH, MSFT, COF, APTV, NTAPU.S. stocks are firmly lower early Friday, pressured to conclude previously constructive January price action. Against this backdrop, each big three benchmark has pulled in to this week’s second test of notable support. The response to each area, and Friday’s monthly close, will likely add color.
5:04 a.m. Jan. 29, 2021 - By Tomi Kilgore
Tesla stock gets second $1,000+ price target, from Argus ResearchThere are now two Wall Street analysts that have targets for Tesla Inc.'s stock of more than $1,000, after Argus Research's Bill Selesky boosted his target by 30% in the wake of the electric vehicle (EV) market leader's . The stock fell 0.6% in premarket trading Friday, after losing 5.4% over the past two days. Selesky reiterated his buy rating and raised his price target to $1,010 from $777. That would make him the second-most bullish on Tesla, of the 37 analysts surveyed by FactSet, behind only Oppenheimer's Colin Rusch, . Selesky said he expects EVs to account for an increasingly larger portion of auto sales, as lower costs for battery packs makes them more affordable to the average car buyer, and Tesla is the "undisputed leader" in the EV space. "We also believe that Tesla is well positioned to expand in the Chinese market and further believe that the incoming Biden Administration will offer rebates and new tax incentives to encourage consumers to buy EVs, which we think favors Tesla versus all the rest," Selesky wrote in a note to clients. The stock has soared 103.4% over the past 30 days through Thursday, while the S&P 500 has gained 14.4%.
12:35 p.m. Jan. 28, 2021 - By Mark DeCambre
Dow rebounds day after short-selling sparked selloff helped lead to worst drop in 3 months; GameStop, AMC get poundedU.S. stock indexes ended higher Thursday afternoon, but off the best levels of the session, as investors focused on earnings reports and economic data following steep losses for major indexes on high trading volumes on Wednesday. Investors continued to monitor volatile trading in shares of GameStop Corp. that underlined concerns about speculative excess. The Dow Jones Industrial Average [: DJIA] rose around 300 points, or 1%, at 30,603, the S&P 500 index gained 1% to 3,787, but finished off its best level around 3,830, while the Nasdaq Composite Index closed 0.5% higher at 13,337, but also off its intraday peak at 13,508. All closing levels are based on preliminary levels. Markets focused on a raft of earnings on Thursday as well as economic updates on gross domestic product and jobless claims, which momentarily overshadowed the action in GameStop and AMC Entertainment Holdings [: AMC], among a batch of stocks that have been the talk of Wall Street as Main Street , as they are the center of a battle between professional investors betting that shares of those stocks will fall in value and average investors attempting to push the value of those heavily shorted companies ever-higher. On Thursday, shares of GameStop sank 44% on Thursday but are still holding onto a nearly 200% gain so far this week. Those for AMC ended down 57% and are up 146% so far this week. A reading of those seeking initial jobless claims in the week ended Jan. 23, fell by 67,000 to a seasonally adjusted 847,000, marking the lowest level in three weeks, but layoffs were still high early in 2021 as the economy wrestled with a winter surge in the coronavirus. Separately, a report on U.S. economic growth, or GDP, showed that the economy grew at a modest 4% annual pace in the final three months of 2020.
8:00 a.m. Jan. 27, 2021 - By Michael Ashbaugh
Charting an intraday downdraft, S&P 500 retests near-term support (3,764) Nasdaq maintains gap support, Small- and mid-cap benchmarks retest near-term floorsU.S. stocks are firmly on the defensive early Wednesday, pressured after a mixed batch of quarterly earnings reports, and ahead of the Federal Reserve’s latest policy directive, due out this afternoon. Against this backdrop, the S&P 500 has ventured under its breakout point (3,826), pulling in to an initially successful retest of familiar near-term support (3,764).
10:33 a.m. Jan. 25, 2021 - By Ciara Linnane
Biden to reinstate travel bans amid fears about new variants as global case tally heads toward 100 million Dr. Fauci says Johnson & Johnson’s one-dose vaccine could bet emergency use authorization within two weeksThe global tally of confirmed cases of the coronavirus-borne illness COVID-19 headed closer to 100 million on Monday with the U.S. accounting for a quarter of that total, as President Joe Biden prepared to reinstate travel restrictions against foreign citizens visiting the U.S. from Brazil, the U.K, Ireland and much of the rest of Europe, as well as South Africa.
8:14 a.m. Jan. 25, 2021 - By Michael Ashbaugh
Charting mixed follow-through: Nasdaq extends to latest record high Focus: Transports hold the breakout point, Netflix digests earnings-fueled spike, IYT, NFLX, IP, AKAM, CMIU.S. stocks are mixed early Monday, vacillating ahead of this week’s full slate of quarterly earnings reports. Against this backdrop, the Nasdaq Composite has extended its prevailing statistically unusual breakout — tagging another record high — while the S&P 500 has pulled in to a shaky intraday retest of its breakout point (3,826).
5:35 a.m. Jan. 25, 2021 - By Mark DeCambre
Nasdaq touches record high but Dow lags in Monday morning trade as investors brace for busiest week of earningsStock indexes traded mixed Monday, with tech-related shares surging ahead of a busy week of earnings that features results from tech giants Apple Inc. , Tesla Inc. and Facebook Inc. . The Dow Jones Industrial Average [: DJIA] was down 0.3% at 30,903, the S&P 500 index was trading 0.3% at 3,854, while the Nasdaq Composite Index advanced 1.2% to a record intraday high at around 13,714. Large-cap tech-related companies have been the big winners of the COVID-19 pandemic, thriving from the stay-at-home environment, which has also accelerated a number of positive tech trends.
8:25 a.m. Jan. 22, 2021 - By Michael Ashbaugh
Charting a bull-trend pullback: S&P 500 retests the breakout point Focus: Solar sector sustains 2021 breakout, Apple tags record close amid stealth breakout attempt, TAN, AAPL, MGA, DE, MDCU.S. stocks are lower early Friday — though off the session’s worst levels — pressured amid virus concerns, and a not well-received batch of influential earnings reports. Against this backdrop, the S&P 500 and Nasdaq Composite continue to digest respectable mid-week rallies to record territory, against an otherwise bullish bigger-picture backdrop.
7:56 a.m. Jan. 20, 2021 - By Michael Ashbaugh
Charting bull-flag breakouts: S&P 500, Nasdaq tag record highs Focus: Health care sector vies to extend January breakout, XLV, MCHP, AXP, UBER, SLBU.S. stocks are firmly higher early Wednesday, rising amid Inauguration Day and following a solid batch of quarterly earnings reports. Against this backdrop, the S&P 500 and Nasdaq Composite have staged bull-flag breakouts, rising to tag their latest record highs.
5:33 a.m. Jan. 19, 2021 - By Mark DeCambre
Dow kicks off trade 200 points higher Tuesday as investors focus on Biden inauguration, Yellen confirmation hearingU.S. stock benchmarks Tuesday morning rose on the first trading day after a holiday-shortened week, a day ahead of the inauguration of President-elect Joe Biden and as fourth-quarter earnings season kicks into higher gear. Investors are awaiting testimony from Janet Yellen, the former Fed chair nominated by Biden to head the Treasury, who is scheduled to testify at her confirmation hearing speak before the Senate Finance Committee at 10 a.m. Eastern, while market participants also are parsing quarterly results from Goldman Sachs Group and Bank of America among others. The Dow Jones Industrial Average rose 213 points, or 0.7%, at 31,030, the S&P 500 index climbed 0.7% to 3,796, while the Nasdaq Composite Index climbed 1% at 13,127.
7:59 a.m. Jan. 15, 2021 - By Michael Ashbaugh
Charting a (modest) market downturn, S&P 500 retests 20-day average Focus: Materials digest decisive January breakout, XLB, QCOM, ALK, CVX, RUNU.S. stocks are on the defensive early Friday, pressured amid a sell-the-news response to President-elect Joe Biden’s $1.9 trillion stimulus proposal, and after a mixed batch of quarterly earnings reports. The early downturn punctuates largely sideways week-to-date price action, and has thus far inflicted limited damage in the broad sweep.
9:22 a.m. Jan. 11, 2021 - By Tomi Kilgore
Tata Motors stock soars, as electrified vehicles made up more than half of latest quarter's salesThe U.S.-listed shares of Tata Motors Ltd. ran up 14.1% in afternoon trading Monday, toward the highest close since April 2019, after the India-based automaker, which brands include Land Rover and Jaguar, reported fourth-quarter retail sales data, and stressed its commitment to an electrification strategy. The company's U.K.-based Jaguar Land Rover unit said it sold 128,469 vehicles during the quarter ended Dec. 31, down 9.0% from the same period a year ago, but up 13.1% from the previous quarter. Sales in China were up 19.1% on the year and up 20.2% sequentially. More than half of retail sales for the quarter (53%) were of electrified vehicles, lifting the share of electrification to 43.3% of total sales for 2020. Jaguar Land Rover said the share of electrification is "poised for further growth in 2021 and beyond." Tata's stock has soared 62.8% over the past three months, while the S&P 500 has gained 9.7%.
5:36 a.m. Dec. 14, 2020 - By Tomi Kilgore
Caterpillar's stock rallies after retail sales decline decelerates againShares of Caterpillar Inc. rallied 1.5% in morning trading Monday, after the construction and mining equipment maker reported November retail sales that showed a continued deceleration in the decline, and two regions where sales increased. Global total machines retail sales, on a rolling 3-month basis, fell 11% in November after falling 17% in October and declining 20% in September. The biggest decline was in North America at down 20% in November, after a 28% drop in October. Sales increased in the Asia/Pacific and Latin America regions, and improvement from October when sales increased in just Asia/Pacific. Worldwide retail sales in resource industries fell 13% in November, after falling 29% in October, while construction industries sales declined 9% after dropping 13% in October. The stock has run up 23.3% year to date, while the Dow Jones Industrial Average [s; djia] has gained 6.1%.
10:22 a.m. Dec. 10, 2020 - By Ciara Linnane
U.S. sets record one-day death toll from coronavirus as FDA committee meets to review Pfizer–BioNTech vaccine FDA head says initial assessment is ‘this is a vaccine that does meet our criteria. ... But we do want to hear from the vaccine advisory committee.’The U.S. set fresh records for single-day fatalities from the coronavirus illness COVID-19 and hospitalizations, as a U.S. regulatory advisory committee gathered to offer its verdict on the vaccine developed by Pfizer Inc. and its German partner BioNTech SE.
10:26 a.m. Dec. 9, 2020 - By Ciara Linnane
U.S. coronavirus case tally climbs to 15 million from 14 million in just five days U.S. sets fresh record for COVID-19 hospitalizations; Angela Merkel pleads with Germans to limit gatherings during holidaysThe global case tally for the coronavirus illness COVID-19 climbed above 68 million on Wednesday and the U.S. tally rose above 15 million as the virus continued to race across the nation, filling hospitals with record numbers of patients
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